Jun 4, 2018

Mothercare store closure plan derailed

Mothercare's plan to close dozens of stores has been derailed after the struggling retailer admitted it got its sums wrong. Last Friday the company said lenders had backed a restructuring plan that included closing 50 stores. Creditors voted separately on a company voluntary arrangement, which allows companies to shut loss-making shops and reduce rents for the company's three subsidiaries: Mothercare UK, Early Learning Centre, and Childrens World. Mothercare has nearly halved its store numbers over the past five years. Carpetright has entered into a CVA and announced store closures, along with fashion chain New Look.

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